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HAH! - Saudis desert the euro after series of blows
Via Bros Judd, decisions, decisions on where to put this.Saudi Arabia has abandoned its policy of diversifying foreign reserves into euros, deeming the eurozone unfit to manage a major world reserve currency. Canât run w/the big dogs until you can piss like them. Muhammad Al-Jasser, the deputy chief of Saudi Arabiaâs monetary agency, said the dollar remained the safest bet for central banks in the Middle East, despite Americaâs trade and budget deficits. "The euro has not yet gained a competitive status against the dollar as a major reserve currency. People are not going to switch to euros until European financial markets become more competitive, deeper, more liquid and diversified," he said. fat chance, mutated monarchy for 1000 years, refuse to break habits. Posted by: Anonymous2U 2004-05-15 |
| http://www.rantburg.com/poparticle.php?ID=33092 |